Boubyan Bank Ratings Affirmed

Ref: KW 073 2 2 CRA00- 01 27 April 202 3

Boubyan Bank Ratings Affirmed

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the L ong- T erm Foreign Currency Rating (LT FCR ) and Short-Term Foreign Currency Rating ( ST FCR ) of Boubyan Bank (BB ) at ‘A’ and ‘A1’, respectively. At the same time, CI Ratings has affirmed BB ’s B ank Standalone Rating (BS R ) and Core Financial Strength ( CFS ) rating of ‘ bbb ’ and ‘bbb’ , respectively. The Outlook for the LT FCR and BSR remains Stable.

The three-notch uplift of the LT FCR above the BSR is based on an Extraordinary Support Level (ESL) of High. Although we believe National Bank of Kuwait (NBK), as the majority owner, would assist BB if needed, the uplift for ESL reflects the high probability of sufficient and timely support from the authorities in the event of financial distress. The ESL…